Transworld Group Dubai took a bold step to diversify its fleet from the traditional container ship business and subsequent participation in the dry bulk segment has now ventured into the liquid bulk segment with the purchase of two vessels of 74k DWT flying the Panama flag. The purchase of two Long Range tankers (LR1 tankers), named TTC Vidyut and TTC Shakti, marks a new era in the 46-year history of the group. The tankers, which are trading in clean petroleum products, will be employed in worldwide trades. The current strategy of the company is to focus East of Suez so the vessels will fix their initial voyages in the East and long-haul moves to the West will be targeted based on market requirements.
Ramesh Ramakrishnan, Chairman of the Transworld Group, said: “The acquisition of two tanker vessels is a testimony of our faith in the markets, our people, and our ability to grow and foray into new frontiers in the shipping and logistics industry. This is a momentous milestone in the history of Transworld Group.”
The group has decided to appoint the Navig8 Pool to manage the chartering activities for TTC Vidyut and TTC Shakti and vessels will be entered into the LR8 Pool, which operates 14 tankers. This makes Navig8 one of the leading pools for LR tankers in today’s market. The vessels will be employed with a mixture of large trading houses and oil majors.
Transworld Group also owns a fleet of 25 vessels in the container and dry bulk segment under the Orient Express Lines (OEL) and Shreyas Shipping Limited (SSL) brands. The company’s handy-size bulk carriers operate under the Transworld Bulk Carriers (TBC) brand.
Established in 1977 and headquartered in the UAE, today Transworld Group’s activities go far beyond those in container feeders, dry bulk and liquid bulk with 40 offices around the globe being involved in all kinds of maritime and logistics services. Speaking about the road ahead, Ramakrishnan said: “We are positive about the future growth trajectory for our group. Having the UAE as our headquarters has helped us immensely due to the business-friendly atmosphere and the ease of doing business with Jafza.”
On the occasion of the 51st National Day, he wished the country well, saying: “May this National Day bring fortune and success for each and every one of us. May our country see more progress in the coming years. Happy National Day to all!”